Condominium Owners Association Insurance

Condominium Owners Association insurance is under the general scope of Professional Liability. This insurance guards those entrusted with the maintenance fees associated with condominiums, wether it is for commercial or residential application from liability exposures.

Condominium Owners Association insurance is for the specific purpose of guarding those responsible with the direction of funds from maintenance fees and dues from liability wether true or false. However, if those responsible for the funds knowingly committed fraud most policies would be void.

For this very reason condominium owners associations will typically purchase this type of insurance policy to guard against this type of claim. In fact board members of a condominium owner association will typically confirm there is coverage in place before joining the board.

For this reason it is important to any responsible condominium owners association to ensure that there is an active policy in place with desired limits. Limits can vary therefore it is important to confirm with the insurance company as to those limits and how coverage is triggered.

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